The euro came in mixed against its major counterparts in the European session on Friday, after a data showed that Eurozone inflation eased as estimated in January.
Final data from Eurostat showed that inflation slowed slightly to 1.3 percent in January from 1.4 percent in December. The rate came in line with the estimate released on January 31.
A similar slower increase in prices was last seen in July 2017.
On a monthly basis, the harmonized index of consumer prices dropped 0.9 percent in January.
In other economic news, data from Destatis showed that Germany’s economy expanded as initially estimated in the fourth quarter largely on foreign demand.
Gross domestic product climbed 0.6 percent sequentially, slower than the 0.7 percent expansion seen in the third quarter.
Meanwhile, European stocks were lackluster amid mixed earnings and investors kept an eye on multiple speeches from Fed officials due later today for further insight on inflation and interest rates.
The single currency declined to an 11-day low of 1.1496 against the Swiss franc and wobbled thereafter. The pair closed Thursday’s deals at 1.1502.
The 19-nation currency recaptured some of its lost ground against the greenback with the pair trading at 1.2313. This may be compared to a low of 1.2280 hit at 2:30 am ET. If the euro rises further, 1.25 is possibly seen as its next resistance level.
After falling to 131.35 against the yen at 3:00 am ET, the euro reversed direction and bounced back to 131.66. The next possible resistance for the euro is seen around the 133.00 mark.
Data from the Bank of Japan showed that Japan producer prices rose 0.7 percent on year in January.
That was shy of expectations for a gain of 0.8 percent, which would have been unchanged from the previous month.
The common currency dropped to a 2-week low of 0.8801 against the pound and held steady since then. At yesterday’s close, the pair was worth 0.8834.
Looking ahead, at 8:30 am ET, Canada CPI for January is scheduled for release.
New York Fed President William Dudley participates in a panel discussion about the Fed’s balance sheet at the United States Monetary Policy Forum in New York at 10:15 am ET.
At 1:30 pm ET, Cleveland Fed President Loretta Mester participates in a panel discussion about monetary policy objectives at the United States Monetary Policy Forum, in New York.
At 3:40 pm ET, San Francisco President John Williams speaks about economic and monetary policy at the City Club of Los Angeles.
The material has been provided by InstaForex Company – www.instaforex.com